Reinsurance and insurance professionals have shown increased
interest in using Guernsey as a reinsurance domicile after hearing
Barbican's experiences of establishing in the Island.
David Reeves, Chief Executive Officer of Barbican Insurance
Group, was part of a panel of Guernsey and UK industry experts
speaking to a London audience about the opportunities that exist in
the Island to establish a reinsurance vehicle which can deliver
superior return on capital deployed.
"This seminar was undoubtedly a success," said Peter
Niven, Chief Executive of Guernsey Finance – the
promotional agency for the Island's finance industry.
"We had a good turnout and the presentations were extremely
well received. The audience was particularly interested in hearing
David talk about the processes his firm had gone through to
establish its reinsurance operation in Guernsey.
"This included Barbican thoroughly researching which would
be the best jurisdiction and finding that Guernsey came out on top.
They chose the island as the domicile in which to establish their
operation and importantly the senior personnel remain very pleased
with the decision. Indeed, Barbican has found the environment in
Guernsey so conducive to doing business that having established its
reinsurance operation, the firm has gone on to launch a separate
entity to carry out domestic business on the Island."
Barbican Reinsurance Company Limited became the first major
commercial reinsurer in the domicile and will be writing a
combination of Group and third party reinsurances.
Mr Niven added: "Since the arrival of Barbican in Guernsey
a licence has been issued to Lloyd's which permits its
underwriters to write direct general insurance business (including
domestic business) in or from within the Island. This development
significantly enhances Guernsey's potential for attracting
The seminar was titled 'Reinsurance – Location,
Location, Location: Maximising Return on Capital through Choice of
Domicile,' held on the afternoon of Tuesday 19 May at the
Willis Building in Lime Street. As well as David Reeves, the other
expert speakers were: Tony Mancini, Executive Director for Tax at
KPMG; Nick Wild, Executive Chairman (Ex Americas) at JLT Insurance
Management; and Christopher Anderson, Partner at Bedell
They examined the key attractions of establishing a reinsurance
operation in Guernsey. Since Guernsey is outside the EU, the
regulatory regime is not bound by EU directives or Solvency II
requirements. As a result it is able to operate flexible capital
requirements that, whilst following international standards, can be
tailored to the specific nature of the business. The speakers also
covered the attractions of the speed to market and the availability
of resources on Island to support such businesses.
Mr Niven said: "The main presentations showcased the
advantages of establishing and operating a reinsurance vehicle in
the Island, including ensuring that the return on capital deployed
is maximised. Afterwards there was a question and answer session
where Caroline Bradley from the Guernsey Financial Services
Commission was also on hand to assist with inquiries. The pertinent
and focussed nature of the exchanges – which went on for
some time – demonstrated the high level of interest in
using Guernsey as a reinsurance domicile."
Since the PRIIPs Regulation was published on 9 December 2014, the concept of a multi-option product has been one of the most discussed topics among the manufacturers of insurance-based investment products.
Directors & Officers Insurance (D&O) is a relatively new
branch of insurance in the United Arab Emirates (UAE) market.
Accordingly, issues such as allocation of costs have not yet been
considered by UAE or Dubai International Financial Centre (DIFC)
The MFSA issued a consultation document proposing the introduction of external auditing requirements for certain quantitative reporting templates that will form part of the Solvency Financial Condition Report.
From August 12 2016 when the UK's Insurance Act 2015 takes effect there will be differences affecting business (ie non-consumer) policies issued in Isle of Man and those issued in UK, including renewals.
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).